The Cayman Islands is an independent overseas British Territory in the western Caribbean Sea. The 102 square per mile Territory includes three islands the Grand Cayman, the Little Cayman, and Cayman Brac. Grand Cayman is the most popular island among all three. George Town is the capital of these islands which is located on the Grand Cayman.
As we are done with a brief intro let us reveal an interesting fact that might surprise you. The Cayman Islands are not islands at all. These islands are basically a part of a Cayman Ridge mountain which is approximately the size of a very large mountain in the Himalayas. However, all of these islands are completely flat.
The Cayman Islands is the birthplace of recreational diving and the most ideal holiday destination. The Cayman Islands is the most expensive place to live. Investing in the real estate of Cayman Island is quite beneficial. First of all, there is no restriction on foreign ownership if the land purchased is for personal use. Also, there are no capital gains or annual property taxes.
If you rent your property for the purpose of investment and rented to the residents then tourist tax is not applied. However, if you owe more than two properties then an additional license would be required.
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Reasons For A Real Estate Investment in Cayman Islands
Investors are highly interested in buying real estate in Cayman Island. Due to its unmatched value, services, facilities, and amenities that are not found in the entire Caribbean. Also, it provides diverse economic benefits to the investor and how can we forget the breathtaking view of the Caribbean Sea.
Today we will discuss the best reasons to buy real estate in Cayman Islands and why this country has the highest return of investment when buying a property.
The Land Register office of Cayman Island enables transfers quite simple and quick. Each property area is registered under a unique parcel and block number. It means that every owner is registered and the government confirms the precision of land entries record. Every potential buyer can examine the property to check if there are any charges, liens, or restrictions on it.
There are no time deadlines to build on a raw land unless it is stipulated in the covenants for a particular development. You can also leave a land undeveloped as many families are land banking for future generations.
2.Lower Interest rates
Due to the current situation of Covid-19, property rates have been down all over the world including the Caribbean. It is a good opportunity for many investors to buy their desired real estate at a quite reasonable cost. As it is said, “Don’t wait to buy a real estate. Buy real estate and wait”. The price of property fluctuates every day means you never know the property you purchased at a relatively low price today, will give you higher returns in the future.
As described above, due to the stable economy, delightful environment, and quality lifestyle, Cayman Island is the best place to own a property.
These luxurious islands do not impose any direct taxes. There are annual properties, income, gift, inheritance, capital gains, corporation sales, or value-added taxes. However, one-time stamp duty is required to pay only for duty real estate buyers.
The stock market had higher volatility levels than the real estate market before the pandemic. Potential purchasers seek to reduce the overall financial portfolio risking by investing some of their funds in real estate of a well-regulated, stable, and tax-neutral jurisdiction and Cayman is ideal to provide the long-term solution.
For the 2020 recession, many investors liquidated some of their investment from the market. The Cayman Islands offer those investors a safe place where they can re-invest their liquid cash in real estate and wait until the stock market gets stable.
Cayman Island is known for the abundance of its banks and is the main center for mutual, hedge funds and captive insurance. It is the fifth-largest financial center in the world. From the past few years Cayman Island has worked very hard to build a well-regulated jurisdiction reputation. It also sanctioned an anti-money laundering legalization.
Many property owners often desire to keep their ownership private. Cayman trusts and corporations ensure to keep the beneficial ownership confidential.
7.Assured Clear Title
Every land in the Cayman Islands is recorded in a single registry which is preserved by the government that assures the title. Therefore, title insurance is not required. People can easily access the registry through the Lands and Survey Department. It is convenient for any potential purchaser to go through the records of liens and ownership history.
8.Return on Investment
The mesmerizing beauty of the Cayman Islands along with an affluent population, sophisticated infrastructure, and the stable government contributes to one of the strongest real estate markets in the region. Since the first tourism-oriented developments in the 60s, Grand Cayman has provided long-term growth.
9.Legal Title Conveyance
Grand Cayman has several best law firms to deal with the transaction of property and establishing Cayman corporations and trusts. The legal fee of these firms depend on the purchase percentage and can also be negotiated at a flat rate. Your real estate dealer can also refer any reputable law firm to deal with your property transaction.
Pandemic has become a privilege for many investors. Economists have created some workable models with regards to GDP impact, unemployment, and eventual market recovery. Yet the absence of an analogous historic model on which to base dependable projections makes that a perplexing exercise, even for an experienced person.
However, is the assurance in the Cayman Islands by those who have invested, work and live there due to the merits of government and environment supervisory, personal safety, world-class infrastructure, robust, best financial services industry, and the advantages of tax neutrality to corporations and individuals, are not mislaid, particularly in the long term.
Cayman Islands Activities Guide
Apart from all real estate benefits let us discuss some attractions of the Cayman Islands. The best way to enjoy these islands is through driving. As said above these islands are British Overseas Territory which is why the driving is on the left side of the road. READ our previous guide about the best things to do in the Cayman Islands for more activities details with quick tips & hacks to enjoy the max on budget.
Renting a car is the perfect way to enjoy the mesmerizing views of these islands. Driving enables the flexibility to easily stop at different beaches. Grand Cayman contains one main road looping the entire island. Also, the signposts are quite frequent and clear.
It is the culinary capital of the Caribbean
On Grand Cayman, there are more than 200 restaurants. Eating out is a regular thing there. Due to the vast range of options, you can select from a local Caymanian café to sophisticated Italian, French, Japanese, and even Australian cuisines. You can also find several gluten-free or vegan restaurants and cafés across the islands.
Walk through the Seven Mile Beach
Two meters away from the waterline on the Seven Mile Beach is a public place where anyone can walk on the pristine white sand. Another amazing fact about this beach is that the hawkers are not allowed to sell their ware which enables you to relax in peace.
Swim with stingrays
On a short boat ride from Grand Cayman is the stingray city. It is one of the few places where you can swim in open water with several friendly south Atlantic stingrays. It is a waist-deep, shallow sand bar located about a mile out to the sea.
Experiencing underwater fairy dust
On Grand Cayman, the secret lagoon is one of the few places in the world where bioluminescence (underwater fairy dust) can be found. It is a green or blue light formed by a single cell organism by reacting with water. This light is often experienced at night time when there is a new moon shines into the water.
Some rarest species are found in the Cayman Islands
The divers’ fauna and flora make Cayman Island heaven for nature-lovers. The Cayman Islands is a home for many rare species. The rarest Orchid known as endemic Ghost is found here and the blue iguana that was saved from extension from an extensive breeding program.
On the Little Cayman, the red-footed booby colony is the largest breeding colony of these birds in the western hemisphere. You might be amazed to know that the only native mammals of these islands are bats. You can also find the buffy flower bat here that drinks flower nectars like a hummingbird.
In the Cayman Islands, the average temperature is 28°C. The coolest temperature here is of January in which the temperature is around 25°C and warm winds provide a gentle breeze.
Exploring the underwater world in Cayman Island should not be missed as it is the birthplace of recreational diving. You can find highly qualified diving instructors here to help you explore better. There is almost 365 diving site to pick from all three islands. It is one of the best views of the world where you can expect abundant and colorful marine life, chasms, trenches, and wrecks.
If you are unable to dive? Well, there is no problem with that you can still enjoy some fascinating snorkeling site offshore. Due to warm waters, Cayman is also an ideal place to learn diving.
Along with the stunning view of crystal-clear turquoise water, it also offers some exciting watersports like paddle boarding, snorkeling, kayaking, sailing, and kitesurfing.
All of this sounds so much fun and it would be like a dream if it never ends. If you have invested in real estate in the Cayman Islands your everyday would feel like a vacation. Let us have a brief look at the Cayman Brac and the Little Cayman as well.
It is almost 30 min flight from the Grand Cayman to Cayman Brac. This island is named from the remarkable Bluff that runs vertically from the floor of the ocean and goes down to the mid of the island. A lighthouse is located at the end of this Bluff offers outstanding views of the ocean and the cliffs. People who love to have an adventure will love exploring the grid network of hiking trails.
The Little Cayman is the most exceptional of all three Cayman Islands. Small but huge, the peaceful island offers endless relaxation and breathtaking landscapes everywhere you look, making it specifically popular among honeymooners. Plan a picnic and paddleboard or kayak over to the vacant Owen Island to experience the true bliss of the tropical island.
There are no more sun-kissed islands in the Caribbean that can offer this much wonderful experience all in one place. Living in the Cayman Islands is the impeccable destination for a deluxe getaway.
Staying in the Cayman Islands cannot be compared with any other place in the world. It offers you the best stuff of the world to see and do. The experiences that stand out are a nighttime kayak into the spectacular bioluminescence and Stingray City.
Interacting with these magnificent creatures and watching them swimming around your legs as you stand into a waist-deep warm water is an experience to remember forever.
Investors with capital in hand should know that this is the perfect place to invest. People will never stop coming here as no other place in the world could be compared with the Cayman Islands.
Now if you are thinking to invest in real estate at Cayman Island, it is the best time as due to the current pandemic the prices of real estate are still fluctuating. Therefore, you can get your desired property at almost half price. Also, do collaborate with a good law firm there to help you get the perfect property with the best returns.